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Naira Depreciates Against Pound at Parallel Market

By Dipo Olowookere

The Nigerian currency performed badly against the British Pound Sterling at the black market segment yesterday.

At the close of transactions on Thursday, the Naira recorded a loss of N3 against the Pound.

The Pound Sterling reached a week long high yesterday, despite a leaked post Brexit report and with the PMI release, it gained further ground.

But the Naira, against the other two major currencies at the foreign exchange market, Dollar and Euro, remained unchanged.

While the local currency remained at N364 to the Dollar, it was exchanged at N448 to the Euro at the parallel market.

At the CBN window, the Naira traded at N305.75 to the Dollar against N305.70 the previous day, N434.84 to the Pound versus N433.12 on Wednesday, and N380.38 per Euro in contrast to N380.87 it went for the previous day.

Business Post reports that the local currency closed at N360.57 to a Dollar on Thursday at the I&E FX Window compared with N360 it exchanged on Wednesday.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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